Some of the important issues to be considered while framing scrutiny assessments pertaining to filing of revised/belated returns by assessees, post-demonetisation.

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... h Block, New Delhi, the 24th of November, 2017 To All Principal Chief-Commissioners of Income-tax/Directors-General of Income-tax Sir/Madam, Subject: Some of the important issues to be considered while framing scrutiny assessments pertaining to filing of revised/belated returns by assessees, post-demonetisation-reg.- Post-demonetisation, it was found that some of the ass .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... t by Income-tax Department. Based upon risk-assessment, several of such cases were selected for scrutiny in Computer Aided Scrutiny Selection (CASS) during this financial year. 2. Under the Act, revision of income-tax return is allowed only if any omission or wrong statement is discovered therein by the concerned assesse. Such omission or wrong statement should have occurred due to a bonafide .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... revised or belated return merely as a cover up to explain the cash deposits in bank accounts are: i. Unsubstantiated reduction in closing stock in the revised return vis-a-vis the figures in original return; ii. Reporting of higher sales in the revised return; iii. Cash-in-hand as on 31.03.2016 or 31.03.2015 was enhanced in the revised return: iv. Additional cash inflow claimed to be .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... here the accounts are subjected to tax-audit, whether omission or wrong statement in the original return was pointed out by the audit or not; IV. The source of cash in hands of the person who had made payments to the assesse has to be verified carefully; V. The past profile of the concerned assessee should be thoroughly analysed; VI. Where as a result of enquiries/investigations it emerge .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ities in your charge. The above guidelines are only suggestive. Therefore, depending upon specific facts and circumstances of a particular case, Assessing Officer should also look into other relevant issues as well. Yours faithfully, (Rohit Garg) Director-ITA.II, CBDT - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India - taxmanagementi .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X